Tech Workers are Unhappy

Tech workers are unhappy – that’s the idea of news articles published in recent weeks. First, the New York Times published a scathing piece criticizing Amazon’s workplace. The article went viral. In the past 24 hours, a survey conducted by app maker TINYpulse revealed that individuals in the technology sector are unhappier than those in other sectors. In reality, these two anecdotes are telling us what we’ve already known.

Seattle’s TinyPulse has raised $3.5 million in funding by aiding companies like Airbnb and Brooks shoes to monitor employee sentiment by compiling weekly surveys. TINYpulse undertook the poll of 5,000 engineers, developers and IT specialists at 500 tech and non-tech clients. The start-up found that tech workers are not as happy as workers in other sectors in key categories.

Just 36% of tech workers believe there is opportunity for growth in their career compared to 50% of workers in other sectors, among whom are plumbers, architects and teachers. Here are some of the questions and answers:

This survey paints a general picture that American workers are unhappy. The last question alone underscores this. Respondents in the tech industry do not know what they need to do for upward mobility in their career or if there is any room for growth at all. This uncertainty adds to their stress levels. They work long hours.

“There’s widespread workplace dissatisfaction in the tech space, and it’s undermining the happiness and engagement of these employees,” the survey stated.

All these low numbers point to a disconnect between the individual IT worker and their company as a whole, so it’s vital you (managers) reach out and find out what they think. Don’t let a rift open up between you and your workforce.

As highlighted in the New York Times piece about Amazon, tech workers endure long hours. A recent study showed that people who work 55 hours or more per week have a 13 percent greater risk of coronary heart disease than those who work standard hours. I would imagine this comes with a potentially lethal dose of unhappiness. Unsatisfactory work environments have essentially been the norm in the US for its entire history. For brevity’s sake we can highlight some recent anecdotes at high profile places to work.

For many years articles have appeared on the Internet by Gawker about work environments at numerous places, such as Cisco in 2009 and, more recently, Vice. Vice replied to Gawker’s article about its workplace environment with a response about Gawker founder Nick Denton having been slapped with a class-action lawsuit by former interns for violating federal wage laws.

It’s not only employees at America’s hippest firms who lean towards unhappiness. On the global level, according to a large scale Gallup poll, for every happy worker, there are two unhappy – or “actively disengaged” – workers.

Perhaps tech workers – and workers in general – are unhappy because they don’t want to be working at all. That’s what a recent Bloomberg article suggests.

Bloomberg reported yesterday that many American workers are opting out of full-time paid work for part time work so that they have time to run their own business on the side. In fact, six million Americans choose to work part time, the US Bureau of Labor Statistics reports. As Bloomberg writes:

…Many are abandoning the traditional career path their parents took and working just enough hours to pay the bills or pursue a passion: toy making, puppetry, nonprofit advocacy. Their numbers have increased 12 percent since 2007, according to the BLS, a shift with broad implications for hiring practices.

For certain, the concept of work is evolving for people. This flux creates uncertainty for everyone, employers included. Goldman Sachs is feeling the pressure – it recently capped its worker’s days at a limiting 17 hours.

“The workforce of the past was organized around company,” Chauncy Lennon, who runs JPMorgan’s workforce initiatives and is studying flexible working arrangements, told Bloomberg. “The workforce of the future is organized around the worker…”

What are your thoughts on the future of the workforce? Let us know in the comments.

Featured image from Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this.Loading...

5 stars on average, based on 1 rated postsJustin O'Connell is the founder of financial technology focused CryptographicAsset.com.
Justin organized the launch of the largest Bitcoin ATM hardware and software provider in the world at the historical Hotel del Coronado in southern California.
His works appear in the U.S.'s third largest weekly, the San Diego Reader, VICE and elsewhere.

Leave a Reply

Blockchain Talent Demand Surpasses Supply

If there’s any group in the global workforce that is sitting pretty it’s blockchain developers. Their success has unparalleled with anything in the stratosphere, yet they’re still receiving offers with compensation packages rivaling that of CEO pay packages. And many of them have already become millionaires from investing in the coins of the market leaders they helped to build, including bitcoin and Ethereum, which means they’re less incentivized to join other projects for the size of the offer alone.

Decentralized World

The thing to remember about blockchain pioneers is that they set out on the mission of a decentralized world not so that they could be subject to the whims of cryptocurrency prices. They are just as focused on the social impact of the blockchain as they are the success of their respective projects. Consider Ethereum’s Vitalik Buterin, who during the peak of the cryptocurrency market rally at year-end 2017 tweeted the following reminder to his followers –

*All* crypto communities, ethereum included, should heed these words of warning. Need to differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society. https://t.co/aNpEnBNGsA

If the corporate culture reflected Buterin’s mission rather than dangling a six- or seven-digit compensation package in front of recruits, they might have more success attracting top blockchain talent.

Talent Battle

Meanwhile, blockchain startups are creating roadmaps with product release dates obligating them to have top development talent in-house, all of which is leading to projects getting stuck and helping to fuel the hiring frenzy. It’s not solely blockchain startups, however.

Global corporations including certain FANG stocks are no longer waiting on the sidelines as ICOs raise billions of dollars and the cryptocurrency market cap has balloons to nearly $400 billion, all of which has placed a high bounty on the pool for blockchain talent. If you have any doubts, consider again Ethereum co-founder Buterin. As Hacked.com previously reported, Buterin tweeted about having received a job offer from Google.

David Schwartz, whose Twitter profile describes him as “one of the original architects of the XRP network,” told The Wall Street Journal how both a startup and a big tech play attempted to poach one of his team members, each of them offering the Ripple developer a million dollar signing bonus.

Meanwhile, the blockchain, a public immutable ledger where transactions are recorded and joined together in individual blocks, has become a catchphrase, one that can mean the difference between hits on a LinkedIn profile or not. According to the Journal story, there are thousands of available jobs posted on the social platform hunting blockchain talent through the early part of May, reflecting more than a 150% jump versus all of last year.

But just as regulators have said they don’t want to rush into crafting any policy in response to market performance, employers should similarly take a step back before throwing everything but kitchen sinks out to software developers. Some companies are developing talent in-house, which is another route to consider. But overall, hiring companies could be much more effective at recruiting blockchain talent if they understood the mission behind decentralization.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this.Loading...

4.4 stars on average, based on 7 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. Full disclosure, she's invested in bitcoin.

After spending much of the last eight years bashing cryptocurrency, Wall Street is beginning to embrace the digital asset class more intently than ever before. Case in point: the number of cryptocurrency hedge funds has increased 64% over the past year. As it turns out, Goldman Sachs isn’t the only institutional player pivoting toward cryptocurrency.

The Rise of the Crypto Hedge Fund

There are now 287 hedge funds devoted to cryptocurrency trading, compared with 175 a year ago, according to data from Autonomous Next. Astonishingly, there were only 20 crypto hedge funds in existence in 2016.

Over the past year, at least 100 hedge funds have been launched for the sole purpose of trading cryptocurrency. At this rate, institutions will play an increasingly pivotal role in the digital currency market in the very near future.

Digital currency exchanges are betting big on institutional money. San Francisco-based Coinbase recently unveiled four new products designed to unlock up to $10 billion in institutional capital currently sitting on the sidelines. This includes a new custodial service that will provide institutions with a trusted steward to safeguard their digital assets.

As for hedge funds themselves, April saw a huge turnaround in terms of profitability, as firms played the crypto-market rebound to great success. In the process, they gained more than 80% compared with March.

The Next Bull Market

Coinbase has put forward the position that institutional capital will be responsible for the next great bull market in cryptocurrency. If 2017 was the year of the retail investor, 2018 and beyond will largely be driven by institutions. A close examination of Google search trends seems to support this view.

The 2017 bull market was accompanied by a wave of new entrants into the cryptocurrency market, as evidenced by the surge in Google search results for terms like “bitcoin” and “cryptocurrency.” If we use the same metrics, we can conclude that cryptocurrency has lost its buzz among new traders. For example, a term like “cryptocurrency” achieved a Google Trends score of 12 in the most recent week, down from a perfect 100 at the start of 2018.

That said, hedge funds are still a long ways away from dominating the crypto market. In fact, institutional adoption remains weak overall in spite of the recent growth. This was recently pointed out by Tom Lee, the Wall Street crypto analyst leading research at Fundstrat Global Advisors.

In Lee’s view, cryptocurrencies failed to rally during blockchain week because of adoption hurdles at bank as well as a lack of custodial tools among major institutions. Using the same logic, Lee concludes that institutional demand is one of the missing ingredients for a large rally in prices.

However, Lee has maintained a strongly bullish outlook on crypto assets, including a price forecast for bitcoin of $25,000 by the end of the year.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (2 votes, average: 3.50 out of 5)You need to be a registered member to rate this.Loading...

4.5 stars on average, based on 412 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.

Walmart’s Flipkart Deal: The Dawn of a New Day in India

It’s the dawn of a new day in India, particularly cross-border investment, thanks to Walmart’s groundbreaking controlling stake in Bengaluru-based e-commerce darling Flipkart. Walmart has tried for years to no avail to enter the South Asian country, until now.

As a result of the deal, Walmart now has five seats on the online retailer’s board and is poised to play an influential role on the direction of the company — including a possible Flipkart IPO — setting the tone for further investments into the region in the interim.

It’s $16 billion deal values Flipkart at a whopping $21 billion and helps the Arkansas-based big-box retailer to compete more fiercely with Amazon, considering that the integration goes smoothly. Walmart has chosen a controversial target company to kick things off. Flipkart has been at the center of a saga ironically surrounding a previous cross-border investment.

Amazon is fighting back, however, as evidenced by it reaching into the belly of western India including Gujarat’s Bhuj, where some residents don’t even have online access. Amazon is taking an Etsy-like approach there with a focus on handmake craft items that are unique to this corner of the world.

No doubt corporations around the world have it on their radar as a possible harbinger of more cross-border investment activity to unfold in the region.

Gopal Jain of Mumbai-based private equity firm Gaja Capital told The Financial Times: “India continues to be perceived in global boardrooms as a tough place to do business in.” But he also said that as a result of this deal, global executives have gone from “being on the heels to being on the toes.”

India’s Cross-Border Investment

The overhaul of India’s international investment has been two decades in the making. And while India Prime Minister Narendra Modi says his administration has opened the doors to foreign investment, there still hasn’t been much evidence of that. For instance, cross-border M&A into India totaled $14.5 billion last year, lagging the performance of other developing countries including Brazil and China by as much as 50%, as per Dealogic data cited in the FT.

Indeed, the last time that a deal of anything close to the size of Walmart’s Flipkart acquisition was more than a decade ago in the telecom space when Vodafone took a majority position in Hutchison Essar. That deal left a sour taste in the mouths of would-be pursuers given hostile tax environment in which Vodafone was forced to operate.

Prime Minister Modi has the opportunity to prove to the rest of the world that India indeed is open for investment. If the Walmart deal can somehow help to shake the stigma that is attached to foreign investment into India, as evidenced by the “tax terrorism” that’s been attached with the region, it, in fact, could reflect the dawn of a new day for cross-border M&A in India.

Feature image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this.Loading...

4.4 stars on average, based on 7 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. Full disclosure, she's invested in bitcoin.

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.